By IANS,
Mumbai : The Anil Dhirubhai Ambani Group-promoted Reliance Globalcom Limited has acquired London-based global managed network services firm VANCO Group Limited for $76.9 million (Rs.3.27 billion) to create “one of the top five global data communications enterprises in the world”.
The acquisition will add $365 million (Rs.15.50 billion) to the annual revenue of Reliance Globalcom through secure long-term contracts with largest enterprise customers.
“The acquisition of VANCO is in line with Reliance Globalcom’s vision to create one of the top five global data communications enterprises in the world,” Reliance Communications chairman Anil Dhirubhai Ambani said in a statement Monday.
Through this acquisition, Reliance Globalcom will have a virtual network across the world with over 700 global, regional and domestic carriers capable of offering services.
“The combination of Reliance Globalcom’s extensive capabilities and VANCO’s unique global experience would create a new breed of integrated services communications powerhouse,” he added.
According to Connecticut-based information and technology research and advisory firm Gartner, VANCO is amongst world’s top five managed global network players with over 220 multi-national customers like AVIS, British Airways, Siemens and Virgin Megastores.
Reliance Globalcom president and CEO Punit Garg said: “The strong management team of VANCO will effectively enhance the expertise and depth of enterprise customer management at Reliance Globalcom. This will help the technology groups in the company to leverage resources beyond strategic business boundaries.”
VANCO managed network services are currently available in over 40,000 locations across 163 countries. Ninety percent of VANCO’s revenue is from developed markets of Britain, the US, France and Germany.
In a span of a year, Reliance Globalcom has acquired a 4G operator, eWave World, and the US-based ethernet service provider, Yipes Holding Inc.